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Manila Bulletin devider Philippines devider National devider Easing bank secrecy law will be a boon to Marcos anti-corruption drive--Villafuerte

Easing bank secrecy law will be a boon to Marcos anti-corruption drive--Villafuerte

Published Dec 8, 2025 12:34 pm

At A Glance

  • Camarines Sur 2nd district Rep. Luigi Villafuerte is hoping for the imminent relaxation of Republic Act (RA) No.1405 or the "Secrecy of Bank Deposits" law, following the recent approval by the House Committee on Banks and Financial Intermediaries of a consolidated bill easing the law's provision on the "absolutely confidential nature" of bank deposits.
President Ferdinand "Bongbong" Marcos Jr. (left), Camarines Sur 2nd district Rep. Luigi Villafuerte (Facebook)
President Ferdinand "Bongbong" Marcos Jr. (left), Camarines Sur 2nd district Rep. Luigi Villafuerte (Facebook)


Camarines Sur 2nd district Rep. Luigi Villafuerte is hoping for the imminent relaxation of Republic Act (RA) No.1405 or the “Secrecy of Bank Deposits” law, following the recent approval by the House Committee on Banks and Financial Intermediaries of a consolidated bill easing the law's provision on the “absolutely confidential nature” of bank deposits.
Rep. Luigi says the move is seen to strengthen the anti-graft drive of the Marcos government, as the measure that seeks to empower the Bangko Sentral ng Pilipinas (BSP) to examine the bank deposits of certain individuals or corporations once there is reasonable ground to believe that they are involved in serious irregularities or unlawful activities.
The still unnumbered bill passed last month by the banks panel chaired by Manila 5th district Rep. Irwin Tieng also seeks to lift the provision of the 70-year-old RA No.1405 that prohibits bank officials and employees from disclosing details about accounts without the written consent of the concerned depositors or in cases of impeachment or court orders in graft or litigation cases.
Incorporated in the consolidated bill is House Bill (HB) No.1786, which Rep. Luigi authored with Camarines Sur 2nd district Rep. Migz Villafuerte, Camarines Sur 1st district Rep. Tsuyoshi Anthony Horibata, and Bicol Saro Party-list Rep. Terry Ridon.
Rep. Luigi, a deputy majority leader, said the House had passed a similar amendatory bill in the previous Congress, but it got stalled in the Senate in the absence of a counterpart measure.
This proposal is one the 44 measures on the Common Legislative Agenda (CLA) that the President and the Legislative-Executive Development Advisory Council (LEDAC) endorsed for priority congressional action during the first LEDAC meeting of the 20th Congress that was held at the Palace last Sept. 30.
“The congressional approval of this proposed amendment to RA No.1405 is timely, given that it is among the priority bills of the Marcos administration in the 20th Congress and is in step with Malacañang’s efforts to double down on its anti-graft drive,” Rep. Luigi noted.
“Lifting the secrecy of bank deposits will certainly complement the government’s drive for greater transparency with the recent decision by Ombudsman [Jesus Crispin 'Boying'] Remulla to restore public access to the SALNs (Statement of Assets, Liabilities, and Net Worth) of both appointed and elected public officials,” the Bicolano added.
He further said that the approval of the bill "further addresses the push by business groups for the government to strengthen transparency and accountability in government as a better means to combat official corruption".
Among the signatories to a joint statement on greater transparency and accountability are the Financial Executives Institute of the Philippines (FINEX), Makati Business Club (MBC) and Management Association of the Philippines (MAP).
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